Homework Answers
a) NGDP in 2009 = 10*2000+4*1000+1000*1 = 20000+4000+1000 = 25000
NGDP in 2010 = 12*3000+6*500+1000*1 = 36000+3000+1000 = 40000
Percentage change in GDP = 40000-25000/25000*100 = 60%
b) Real GDP in 2009 = 25000
Real GDP in 2010 = 12*2000+6*1000+1000*1 = 24000+6000+1000 = 31000
Percentage change in GDP = 31000-25000/25000*100 = 24%
c) Real GDP in 2009 = 10*3000+4*500+1000*1 = 30000+2000+1000 = 33000
Real GDP in 2010 = 40000
Percentage change = 40000-33000/33000*100 = 21.21%
d) Real GDP growth rates obtained in b and c are different because the base year is different.When the base year changes, the price is changed to the base year.
Both are correct because we assume a year as the base year in this method to measure the difference in the value and check for inflation.
As per Chegg guidelines, first four parts are answered.
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